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ACORD's Reinsurance Standards Program supports
the Property & Casualty and Life reinsurance
lines of business. Through the Reinsurance Standards Program,
and with membership support and the involvement of industry-sponsored
volunteers, ACORD facilitates the development and maintenance
of the ACORD Standards for Reinsurance.
ACORD invites you to learn more about the value of ACORD
Reinsurance Membership for your organization.
ACORD Standards for Reinsurance
The ACORD
Standards for Reinsurance are designed to provide seamless
transfer of information between insurers (cedents), reinsurance
brokers and reinsurers. They are
available for both Property & Casualty and Life reinsurance:
ACORD STANDARDS FOR
REINSURANCE - P&C
The ACORD Standards for Reinsurance are based
on development begun in 1992 under the direction of a joint venture
comprised of European, UK and USA standards bodies. ACORD assumed
responsibility for management of these standards in 2001. ACORD
Standards for Reinsurance have been developed for all parts of
the reinsurance business cycle, from Placement through to Accounting,
Claims and Settlement.
These standards are available from this
website in our Downloads section, which also contains additional information about ACORD P&C
Reinsurance standards including the following documentation:
- Data Standards
- EDI - Electronic data interchange standards that focus on data exchange between P&C insurers, brokers, trading partners and reinsurers.
- XML - A standard created in eXtensible Markup Language (XML) that addresses the industry's real-time requirement.
- Implementation Guidelines - provide recommendations regarding how the exchange of structured data may be used to support transaction flows.
- Data Dictionary - provides data definitions and
detailed descriptions of structured data used in the transaction
flows described in the Implementation guidelines
XML Implementers are also supported by the ACORD Testing and Certification Facility. The ACORD Testing and Certification facility (TCF) is a live application which you, as a developer, can interact with in order to test and certify your implementations of ACORD messages
ACORD STANDARDS FOR REINSURANCE
- LIFE
ACORD's XML
for Life standard addresses the real-time requirement by
defining business transactions to support life reinsurance. This
standard is based on the robust, industry-tested ACORD Life Data
Model, which defines the data the life insurance industry needs
to communicate within the transaction flows of the reinsurance
business cycle - and is maintained through the ACORD Life Standards Program.
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ACORD Reinsurance Standards Strategic Relationships
ACORD is leading the development of global
reinsurance standards through relationships with prominent industry
associations. ACORD partners with these associations, and also
harmonizes ACORD standards with those of other standards organizations,
to support interoperability. Some of our strategic relationships
include:
- ABI -
Association of British Insurers
- ANSI
X12 -
American National Standards Institue X12
- BIBA -
British Insurance Brokers Association
- BRMA -
Brokers & Reinsurance Markets Association
- FSA -
Financial Services Authority of UK
- IIL -
Insurance Institute of London
- IUA -
International Underwriting Association
- LMA -
Lloyd's Market Association
- Lloyd's
of London
- LMBC -
London Market Brokers Committee
- MRO -
London Market Reform Office
- Polaris -
UK P&C Insurance Standards body
- RAA -
Reinsurance Association of America
- SWIFT -
Global interbank payments standards body and network
- Xchanging - London market bureau service provider
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Industry Participation in Program
ACORD members are among the top Reinsurance companies as reported by Global Reinsurance Magazine. They represent the leaders of the industry and are focused on implementations around the world including the US, Canada, Asia Pacific, Europe,
and UK. ACORD members represent 70% or the Top 10 Reinsurers and the Top 5 Reinsurance Brokers who are responsible for 80% of the gross revenue of the Top 20 Reinsurance Brokers. Members include Swiss Re, SCOR, Munich Re, General Cologne Re, Converium, Lloyds of London, RGA, CNA Re, XL Re, Marsh, AON, Benfield Grieg, Willis,
and JLT to name a few. For a complete listing of our membership,
refer to our membership
list.
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Contacts
Program Director, Reinsurance & Large Commercial
Mike Smith
Phone: +44 207 648 4410
Email: msmith@acord.org
Program Manager
Marc Codispoti
Phone: +1 845 620 1700, ext. 409
Email: mcodispoti@acord.org
Assistant Vice President, Standards
Lloyd Chumbley
Phone: +1 719-264-9621
Email: lchumbley@acord.org
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